Subsea 7

Regulatory Filings • Apr 29, 2025

Subsea7 and SLB OneSubsea awarded EPCI contract for bp's Ginger project

Subsea7 and SLB OneSubsea awarded EPCI contract for bp's Ginger project

Luxembourg - 29 April 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today

announced the award of a substantial(1) engineering, procurement, construction,

and installation (EPCI) contract by bp to Subsea Integration Alliance (SIA) for

the Ginger project offshore Trinidad and Tobago.

The Ginger project is a notable project award under the new global framework

agreement between bp and Subsea Integration Alliance partners SLB OneSubsea and

Subsea7.

Building on a long-standing successful relationship, this agreement establishes

a new way of working that enables system-level optimisation through increased

transparency and early engagement. Further, the framework defines a novel

commercial model that effectively aligns incentives for accelerated and

maximised value creation among all stakeholders involved, throughout the life of

joint projects.

For the Ginger EPCI project, Subsea7 will supply a diver-installed tie-in

system, a flexible production flowline, and associated infrastructure. SLB

OneSubsea will deliver four standardised vertical monobore subsea trees and

tubing hangers, optimised for speed of delivery and installation. It will also

deliver the first high-integrity pressure protection system (HIPPS) manifold in

the region, which will unlock considerable safety, efficiency and environmental

gains. bp's Ginger development is located off the southeast coast of the island

of Trinidad, at water depths of up to 90 metres.

Project management and engineering activities will begin immediately at

Subsea7's office in Houston, Texas, with offshore operations scheduled for 2026.

Craig Broussard, Senior Vice President for Subsea7 for Gulf of Mexico said,

"This is a significant project for the region, and one which will benefit from

decades of collaboration between bp, Subsea7, and SLB OneSubsea. Our combined

expertise and efforts are focused on achieving bp's goal of first gas in 2026."

Olivier Blaringhem, CEO of Subsea Integration Alliance said, "This is an

exciting and important project for our novel global framework with bp, which

expands our EPCI collaboration to Trinidad and Tobago. Through the capability

and agility of our partners Subsea7 and SLB OneSubsea, we provide key assets and

expertise to create value for the long-term and deliver the best possible total

cost of ownership on the Ginger project."

(1)   Subsea7 defines a substantial contract as being between $150 million and

$300 million.

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Subsea7 is a global leader in the delivery of offshore projects and services for

the evolving energy industry, creating sustainable value by being the industry's

partner and employer of choice in delivering the efficient offshore solutions

the world needs.

Subsea Integration Alliance (SIA) is a strategic global alliance combining the

strengths of SLB OneSubsea and Subsea7. Working closely with SIA gives customers

unique access to integrated subsea solutions-including field development

planning, EPCI contracting models, end-to-end project delivery-and total life

cycle solutions.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI

222100AIF0CBCY80AH62.

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Contact for investment community enquiries:

Katherine Tonks

Investor Relations Director

Subsea7

Tel +44 20 8210 5568

ir@subsea7.com (mailto:ir@subsea7.com)

Contact for media enquiries:

Ashley Shearer

Communications Manager

Subsea7

Tel +1-713-300-6792

ashley.shearer@subsea7.com (mailto:ashley.shearer@subsea7.com)

Moira Duff

Director of External Communications

SLB

Tel: +1 (713) 375-3407

Email: media@slb.com (mailto:media@slb.com)

Forward-Looking Statements: This document may contain 'forward-looking

statements' (within the meaning of the safe harbour provisions of the U.S.

Private Securities Litigation Reform Act of 1995). These statements relate to

our current expectations, beliefs, intentions, assumptions or strategies

regarding the future and are subject to known and unknown risks that could cause

actual results, performance or events to differ materially from those expressed

or implied in these statements. Forward-looking statements may be identified by

the use of words such as 'anticipate', 'believe', 'estimate', 'expect',

'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should',

'strategy' 'will', and similar expressions. The principal risks which could

affect future operations of the Group are described in the 'Risk Management'

section of the Group's Annual Report and Consolidated Financial Statements.

Factors that may cause actual and future results and trends to differ materially

from our forward-looking statements include (but are not limited to): (i) our

ability to deliver fixed price projects in accordance with client expectations

and within the parameters of our bids, and to avoid cost overruns; (ii) our

ability to collect receivables, negotiate variation orders and collect the

related revenue; (iii) our ability to recover costs on significant projects;

(iv) capital expenditure by oil and gas companies, which is affected by

fluctuations in the price of, and demand for, crude oil and natural gas; (v)

unanticipated delays or cancellation of projects included in our backlog; (vi)

competition and price fluctuations in the markets and businesses in which we

operate; (vii) the loss of, or deterioration in our relationship with, any

significant clients; (viii) the outcome of legal proceedings or governmental

inquiries; (ix) uncertainties inherent in operating internationally, including

economic, political and social instability, boycotts or embargoes, labour

unrest, changes in foreign governmental regulations, corruption and currency

fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster;

(xi) liability to third parties for the failure of our joint venture partners to

fulfil their obligations; (xii) changes in, or our failure to comply with,

applicable laws and regulations (including regulatory measures addressing

climate change); (xiii) operating hazards, including spills, environmental

damage, personal or property damage and business interruptions caused by adverse

weather; (xiv) equipment or mechanical failures, which could increase costs,

impair revenue and result in penalties for failure to meet project completion

requirements; (xv) the timely delivery of vessels on order and the timely

completion of ship conversion programmes; (xvi) our ability to keep pace with

technological changes and the impact of potential information technology, cyber

security or data security breaches; (xvii) global availability at scale and

commercially viability of suitable alternative vessel fuels; and (xviii) the

effectiveness of our disclosure controls and procedures and internal control

over financial reporting. Many of these factors are beyond our ability to

control or predict. Given these uncertainties, you should not place undue

reliance on the forward-looking statements. Each forward-looking statement

speaks only as of the date of this document. We undertake no obligation to

update publicly or revise any forward-looking statements, whether as a result of

new information, future events or otherwise.

This information is inside information pursuant to the EU Market Abuse

Regulation and is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Katherine Tonks, Investor

Relations, Subsea7, on 29 April 2025 at 19:30 CET.